Fearless Girl statue firm faced down in equal pay row
Oct 6, 2017 8:15:27 GMT -5
Post by Admin on Oct 6, 2017 8:15:27 GMT -5
The statue of a young girl staring down Wall Street's famous stock market bull was installed to draw attention to gender inequality and the pay gap in the corporate world.
But in an ironic twist the firm behind the Fearless Girl statue will pay $5m (£3.8m; €4.3m) in a row over equal pay.
State Street Global Advisors (SSGA) has been accused by the US Department of Labor of paying hundreds of female executives less than male colleagues.
The firm denies the claims.
It said it wanted to bring an end to the matter.
The fund manager will pay the settlement to more than 300 senior female staff which were paid less than their male counterparts, according to the Department of Labor.
The disparity was uncovered during a 2012 pay audit.
The settlement also covers allegations that the firm paid 15 black employees less than their white counterparts.
State Street has denied any pay discrimination for both its female and black employees.
Yew York Mayor Bill de Blasio poses for a photo next to Fearless Girl. Photo: 27 March 2017Image copyrightGETTY IMAGES
Image caption
Mayor Bill de Blasio said the statue was "standing up to fear, standing up to power"
In a statement, the firm said it was "committed to equal pay practices" and that it "evaluates on an ongoing basis our internal processes to be sure our compensation, hiring and promotions programs are non-discriminatory."
Feeling drained by cares then
UP YOUR ENERGY TODAY
But in an ironic twist the firm behind the Fearless Girl statue will pay $5m (£3.8m; €4.3m) in a row over equal pay.
State Street Global Advisors (SSGA) has been accused by the US Department of Labor of paying hundreds of female executives less than male colleagues.
The firm denies the claims.
It said it wanted to bring an end to the matter.
The fund manager will pay the settlement to more than 300 senior female staff which were paid less than their male counterparts, according to the Department of Labor.
The disparity was uncovered during a 2012 pay audit.
The settlement also covers allegations that the firm paid 15 black employees less than their white counterparts.
State Street has denied any pay discrimination for both its female and black employees.
Yew York Mayor Bill de Blasio poses for a photo next to Fearless Girl. Photo: 27 March 2017Image copyrightGETTY IMAGES
Image caption
Mayor Bill de Blasio said the statue was "standing up to fear, standing up to power"
In a statement, the firm said it was "committed to equal pay practices" and that it "evaluates on an ongoing basis our internal processes to be sure our compensation, hiring and promotions programs are non-discriminatory."
Feeling drained by cares then
UP YOUR ENERGY TODAY